Energy Efficient Devices
- Energy efficient devices help reduce energy consumption in residential, commercial, and industrial sectors. Energy efficient devices also help save money, increase energy security, and lower carbon emission.
- Demand for energy efficient devices is rising across the globe owing to the implementation of stringent laws and regulations on the consumption of energy
- Smart meters and home energy management systems enable customers to program how and when their home should use energy. This results in reduced energy bills and efficient use of energy.
- Energy efficient devices are costlier than the traditional devices; however, they help save costs in the long term by reducing electricity bills
Key Drivers of Global Energy Efficient Devices Market
- Demand for energy efficient devices is increasing across the globe owing to rise in automation and digitization across the globe. Demand for electricity is high owing to an increase in population across the globe. This is also driving the global energy efficient devices market.
- Increase in investments in sources of renewable energy in order to reduce the carbon footprint is also anticipated to boost the demand for energy efficient devices during the forecast period
COVID-19 Impact Analysis
- Governments of various countries have enforced nationwide lockdowns, as a precautionary measure to curb the spread of the COVID-19 pandemic. This has disrupted planned energy efficient devices projects across the globe. The pandemic has also disrupted the supply of essential equipment and skilled labor in the market, resulting in project delays. This is adversely affecting the global energy efficient devices market.
- On October 07, 2020, 8POWER was named by Gartner as a Cool Vendor in the May 2020 Cool Vendors in IoT Thingification report. The company’s innovative energy harvesting sensors are designed to help industry improve efficiency, save money, and reduce carbon footprint. The Gartner recognition validates 8POWER’s vision of helping water companies overcome resource limitations to diagnose issues with motorized assets early, thus reducing downtime and catastrophic failures.
Europe to Hold Major Share of Global Energy Efficient Devices Market
- Based on region, the global energy efficient devices market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Europe dominated the global energy efficient devices market in 2019, owing to the rise in investments in renewable sectors such as solar, onshore, and offshore wind energy and geothermal energy. The region is implementing stringent environmental regulations to eliminate carbon emission by 2050.
- North America is estimated to hold prominent share of the global energy efficient devices market in the next few years. Demand for electricity is rising in the region due to the implementation of smart city projects and rise in demand for IoT devices integrated with renewable energy sources.
- Asia Pacific is estimated to be a highly attractive region of the global energy efficient devices market in 2019, owing to rise in urbanization and globalization in the region. The trend is projected to continue during the forecast period owing to growth in investments in renewable energy sources by countries such as China, India, South Korea, and Japan.
- The market in Middle East & Africa and Latin America is anticipated to expand at a moderate pace during the forecast period. Industrial and renewable sectors in these regions have been developing at a rapid pace. This is likely to augment the demand for energy efficient devices in Middle East & Africa and Latin America in the near future.
Key Players Operating in Market
Leading players operating in the global energy efficient devices market include:
- Cree, Inc.
- Elster Group GmbH
- Crompton Greaves Consumer Electricals Limited.
- Aclara Technologies LLC.
- Koninklijke Philips N.V.
- Honeywell International Inc.
- Zumtobel Group
- Schneider Electric
- Toshiba India Pvt. Ltd.
- Mitsubishi Electric Corporation
- Trane Technologies Inc.
- Itron Inc.
Global Energy Efficient Devices Market: Research Scope
Global Energy Efficient Devices Market, by Product Type
- Heating, Ventilation, and Air Conditioning (HVAC) Energy Efficient Devices
- Consumer Electronics & Appliances
- Smart Electric Meters
- Smart Lighting
Global Energy Efficient Devices Market, by Application
Global Energy Efficient Devices Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.